August 10, 2022

My Money Magick

The Money, Tax and Law Underground

DRIP Community is a brilliant money-pooling idea!

3 min read

To quote from the website:

The DRIP Network’s Faucet is a low-risk, high reward contract that operates similarly to a high yield certificate of deposit by paying out 1% daily return on investment up to 365%.
Players can compound and extend their earnings through deposits, hydrating (compounding) rewards as well as through team based referrals.

And to those that call it a ponzi, we have a brilliant rebuttal in the official telegram room from Rose:

Some of you guys don’t understand what a Ponzi is. A ponzi is not a system where there is a wealth transfer from new investors to old investor, that’s literally every market that’s ever existed. A ponzi is a scheme where someone fraudulently tells investors they are getting paid profits from the sale of a product or service when in reality the funds are not coming from the sale of a product or service and some times there is no product or service at all. The manager is just cycling the investors principal around to create the illusion of profits. The key word is fraud.

DRIP is an onchain open source project that makes very clear where the profits are coming from, the taxes on transaction, and price appreciation like any other market.

So let’s get right to the meat and potatoes of how to get started

Here’s my buddy address for reference as you do the below – 0x4e426A662190a673898De19E54dD46b620e42Ad6

Albert Einstein once described compound interest as the “eighth wonder of the world,” saying, “he who understands it, earns it; he who doesn’t, pays for it.”

If this sounds interesting to you, please follow the steps below to get you started!

  1. The first thing you will need is the crypto coin BNB (as DRIP is on the BNB blockchain). There are a few exchanges you can do this on, but I’d suggest you buy some BNB from either Crypto.com (https://crypto.com/app/mdh3rxqns6) ,Binance.us (https://accounts.binance.us/en/register?ref=57874678) or Kucoin (https://www.kucoin.com/ucenter/signup?rcode=rJE5K8P) …with a slight preference towards Crypto.com and Kucoin. You need enough BNB for 1 DRIP so do the calculations on the fountain page for that.
  2. Next you will need a Metamask to act as the third party between your exchange and the DRIP network. Send your BNB to your Metamask wallet (https://metamask.io/)

You now need to configure your Metamask account to the Binance Smart Chain network (BSC). Click ‘Ethereum Mainnet’ at the top of the Metamask app.

Click Custom RPC

Enter the following:

  1. Now hopefully your BNB has been added to your Metamask, and it is now visible. If so, we’re ready to exchange BNB for DRIP. Go to the DRIP fountain page
  2. Swap your BNB for DRIP (make sure to leave .01 BNB or so for fees)
  3. Go to the faucet page
  4. Enter a buddy address – 0x4e426A662190a673898De19E54dD46b620e42Ad6
  5. Go up to “Deposit” and deposit all your drip (please note, what you deposit into the faucet is now gone. You can NOT withdraw this. But worry not!)
  6. To maximize your compound interest, HYDRATE (recompound) your 1% daily back into your deposit. This will turn a 365% APY growth throughout the year, to 3678% APY!!!
  7. Go to https://drip-hydrate.com/ and calculate when to schedule your first Hydrate!
  8. Come up with a plan on how to best grow your investment, as well as pull passive income!

Get Connected

Join the official Telegram room or join the My Money Magick telegram room

and dont forget my buddy address – 0x4e426A662190a673898De19E54dD46b620e42Ad6

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